Robins Kaplan LLP

Markets kicked of Q2 pretty much where they left off as Q1 wrapped: down, and down big. A double whammy of massive anticipated unemployment figures and truly disheartening modeling on COVID-19-related deaths sent all three major U.S. indices down over 4.4% on Wednesday – NYTimes and WSJ and Bloomberg and MarketWatch

The question for traders today is whether hopes of an end to the oil pricing war between Russia and Saudi Arabia are enough to outweigh the coming jobless claims update that’s expected to show more 3 million more Americans seeking unemployment benefits in recent weeks – WSJ and Bloomberg

Bloomberg looks at how full-employment commitments among white-collar employers could deepen the chasm between haves and have-nots in the virus-shaken economy – Bloomberg

Despite the global reach of today’s economic hardship, the White House is so far unwavering in its commitment to tariffs – NYTimes

Here at home, large plants and factories have become the a breeding ground for rising tensions “between employers and workers across the U.S. as some companies push to keep producing during the coronavirus pandemic and some employees push back over health concerns and other issues” – WSJ and Bloomberg

And across the board, the pandemic’s only widening the divide between bricks-and-mortar and online businesses, “accelerating shifts” to online marketplaces “already underway in parts of the U.S. economy in ways that could last long after the health crisis has passed” – WSJ

Zoom’s boom times are bringing plenty of bad with the good for the now ubiquitous video-conferencing platform – MarketWatch and Marketplace

The Fed has temporarily eased capital requirements for large banks in an effort to “free up lenders’ ability to serve homeowners and businesses rather than to increase share buybacks and dividends to shareholders” – WSJ and Bloomberg

2020’s become the “Great Unwinding” for a whole class of start-ups, as the pandemic has “turbocharg[ed] Silicon Valley’s natural selection” and companies have cut or furloughed thousands of employees, seen funding dry up, and shelved IPO plans – NYTimes

T-Mobile has officially closed its $30 billion merger with Sprint, creating a new 100-million-customer wireless giant. T-Mobile’s eccentric CEO John Legere is stepping aside now that the deal’s done, and his #2—the “more buttoned-up Mike Sievert—will assume command of the combined venture – NYTimes

The Second Circuit reversed a March 2017 decision dismissing a Yen Libor-rigging case against Barclays, Lloyds, BofA, and a host of other international banks, resurrecting investor plaintiffs’ claims after determining that they had “convincingly linked their financial losses to the banks’ alleged market manipulation” – Law360

AT&T has replaced longtime exec John Stankey—who will remain the company’s president and COO—with Hulu’s founding CEO Jason Kilar as chief executive of its WarnerMedia news and entertainment division. The move precedes the May 1 launch of HBO Max, WarnerMedia’s streaming service, in an already-crowded streaming video universe – NYTimes

Whiting Petroleum, a major player in the Bakken Shale arena, filed for Chapter 11 protection in Texas bankruptcy court this week, blaming “plunging oil and gas prices” for its restructuring efforts to “trim $2.2 billion in debt” – Law360

Since the comfort of a cup of coffee with old friends out of the question these days, how about a few minutes with the Bon Appetit gang and their favorite morning mixes? – BonAppetit